New Jersey Sports Betting Revenue Soars in September
New Jersey sports bettors wagered a staggering $445 million in September, a new record and the largest total for one single month since the Garden State began taking bets in June of 2018.
The eye-popping amount comes as a huge shot across the bow of Nevada as the two states race for the crown of sports betting king in the United States. Nevada will not release its revenue figures for September until the end of October.
New Jersey has won a few months recently but Nevada did post the all-time record of close to $600 million in total handle during March of this year. The astronomical figure was fueled by the Men’s NCAA Basketball Tournament.
What is the September Revenue Breakdown for New Jersey?
The state’s governing body on gaming, the Division of Gaming Enforcement, released the September revenue figures, including the detail that casinos and racetracks in New Jersey made almost $38 million after everyone was paid for winners.
The division cited the return of the NFL and college football as the reason for the spike in the month’s revenue and take home profit for the sportsbooks.
What’s even more surprising is that the high revenue from sports betting comes on the heels of the news that the casinos in Atlantic City actually saw their bottom line from table games and slot machines fall in the month by 3.2%.
As shown in previous months, online betting has fueled the New Jersey sports wagering scene with September bringing in over $283.2 million in the handle. The figure was a 4.1% increase from August.
Online betting brought in $41.1 million in revenue for the sportsbooks, a 60% increase from the same timeframe in 2018.
The surge in betting revenue boosted the casino’s bottom line for the month and continued an upward trend that has seen business increase in places like Atlantic City.
“While operators continue to face strong competition for gaming and leisure customers, the increase in total gaming revenue shows the industry has grown for the betterment of both Atlantic City and New Jersey as a whole,” said James Plousis, chairman of the New Jersey Casino Control Commission.
Through the first nine months of 2019, sports betting in New Jersey has created $190.6 million in revenue for the casinos and racetracks. That figure is a substantial jump from the $40 million that books had made to this point in 2018 when the industry was in its early days of inception.
The state of New Jersey has seen a tax revenue figure of $23 million in 2019, money that goes back into the coffers for use in municipal projects and education efforts.
Who is the Big Sports Betting Winner for New Jersey Casinos?
Revamped casinos like Ocean posted their second-best month ever in revenue with the property seeing a 38% increase in sports betting. The casino will post record figures for revenue and profits once they release their third-quarter numbers later in the Fall.
As New York continues to struggle to put together a comprehensive sports betting legalization plan, New Jersey enjoys free reign to put together revenue figures that are inching closer to $500 million per month in handle.